CEVA Inc (CEVA) saw its stock price plummet by 5.59% in pre-market trading on Wednesday, following the release of its first-quarter financial results that fell short of expectations.
The company reported a net loss of $3.3 million for the quarter, highlighting the challenges it faced during the period. While CEVA managed to post an adjusted operating income of $300,000, it was the revenue figure that likely spooked investors. The company's Q1 revenue came in at $24.2 million, significantly missing the IBES estimate of $26.4 million.
This substantial revenue miss, combined with the reported net loss, appears to be the primary driver behind the sharp pre-market decline in CEVA's stock price. Investors are likely reassessing their expectations for the company's near-term performance and growth prospects in light of these disappointing results.
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